How often have I heard that saying? How can you possibly know which is first?
Study the feasibility or just go for it?
Well, this is a question I do have an answer for.
I know from my experience of advising potential franchisors for a couple of decades that when deciding what comes first, just going for it and selling and rolling out a new franchise, or getting the financial projections and assumptions correct first so you know how feasible it is, that it should always be the latter that comes first, no question.
How exciting, you have spent the last few years working hard and now you have a successful and proven business model!
So, you may be asking yourself, what’s next?
If you don't want to just keep doing what you’re doing and see if the business grows organically but you do want to earn more and keep developing your company, there is another option - you could franchise.
But before you go down this route, there are a few things you should stop and consider…
A lot has happened in 2020, even if you put the fear, panic, and health implications of a global pandemic to one side for a second. The effects of the last year have sparked change in every single person’s way of living, it’s disrupted the normal in all of our lives and for some of us it has unearthed questions, questions about what we did before, what we do now, and what could we do next. These questions, for some, aren’t something that can be swallowed back down and pick up where our old lives left us, leaving some of us asking…
What do I want?
What are my options?
How can I achieve the life that I want?
We understand there are people out there who will be asking these questions but aren’t sure who to turn to for answers. We don’t want you to bypass this feeling and keep plodding along, whilst possibly unhappy. We want to help you find the right person to ask for help.
Post-2020 many people wanted to see a change in their jobs, their careers, their lives. People who stuck out a job because they couldn’t see any change on the horizon and didn’t want to take the risk for fear of not being able to find something better. With the changes we have witnessed over the last 12+ months, that fear is melting away, people have been shown how much better their lives could be if they had more time for family, more flexibility, less micromanagement, and more time to spend on their hobbies and building their lives! Now they are searching for ways to continue this lifestyle change rather than go back to their old jobs that won’t accommodate them any longer. People are starting to become braver, starting to stand up for the things they love, and are striving to find ways to incorporate them into their working lives.
More and more people are getting side hustles and looking for business opportunities that not only fulfill them but challenge them. People want more from a job now than just a wage and security. They want passion, respect, flexibility, and support. A whole new way of living. And there are options out there to suit each individual.
You can set up a business yourself…
This is an option people may think of at first but can sometimes be discouraged because they feel like it’s a big risk because of the stats you see about the number of businesses that have failed each year. But plenty of people do start and succeed at running their own business, especially if you get the idea, support, and execution right, it could completely change your life. There are a lot of things to consider and our best advice would be – get some advice from day 1. This could be from a coach, an accountant, or a business advice hub - we would be happy to have a no-obligation chat to help point you in the right direction.
You can look for a side hustle…
A side hustle is one way to get you out of spending as much time in your current role but not leaving it completely. It gives you more financial flexibility but initially will take up more of your time but if you pick the right opportunity you could end up transferring across to it full time slowly and leaving your previous position to start something.
You can find a Franchise opportunity to fit what interests you…
People don’t know enough about franchising and the possibilities it can bring. The first thing that pops into people’s minds is usually those such as Subway and McDonalds and it makes them seem too far out of reach or more than what we want to get ourselves in for. In reality, there is a franchise for near enough every business you can think of, from dog walking to property (letting, repair and leasing) to sports coaching and coding. If you have an interest or passion there will be an opportunity that suits you. Whilst you do have to put up some initial investment it is much easier to get financial support for a franchise due to how proven the business model is. Again the key to starting your research into this journey, much like owning your own business, we would advise you to get some outside support so you can guarantee this is the right option for you. Some people specialise in franchise support ( us being one of them) and would be ideal to engage with initially while you find out more to see if it is the right option for you.
Following our nomination to win the Gold, goes straight to the top of our best achievements in 2021 so far.
So, what helped us win this accolade this year of all years ...
With our support during the pandemic, one of our franchise brands was able to onboard 14 new franchisees, despite the on-going effects of the pandemic and we helped another launch their franchise in August 2020 in the middle of the pandemic and then assisted them in recruiting 6+ new franchisees so far. These 20 new franchisees have the potential to provide employment for over 100 people. These were just the results for two of our clients.
We work with franchise clients across all sectors and areas, from advice and consultancy to franchisee recruiting and even testing the feasibility of a brand to become a franchise. We work with brands across the UK who embrace us as part of their team and we enjoy supporting those brands as each of them demonstrate the passion, drive and motivation to make a difference with the businesses they have built and continue to build upon.
We were so proud to be able to deliver these results, especially in such uncertain times, but more than that we have been proud to be part of the many meetings, reviews, changes and developments that have been put in place to achieve those successes.
This last year has been tough on everyone and as a business, that works with other businesses, we have not only seen the impact on ourselves but the companies around us, with who we work so closely, and with whom we are considered as part of the team. But hard work pays off, as has been shown by the recognition of the award for ‘Best Franchising Supplier’.
As a company, we don’t spend much time focusing on the negatives and are always planning to do what we can with the time, resources, experience and skill set we have, in any eventuality. So, after the shock of the pandemic, we got back into the swing of things and carried on doing what we do best – working hard for our clients to help them reach the goals we had set out to achieve.
But coming back to the award, we were up against other businesses in our category such as Barclays and Franchise UK, so we were just happy to list as a finalist but when the January deadline came around and this video was released to us, we couldn’t quite believe it! We are so very grateful to receive it and dedicate it to all our wonderful clients whom we couldn’t have done it without.
If you want to grow your business and you would like to find out if franchising is the right route for your brand
If you have a franchise and would like support in recruiting franchisees
Or by calling 01772 367 367
From lockdown to back to business, will we be going from pause to play or Restart and Fast forward?
As we take the finger off the pause button and follow the road map back to some form of normality, are we as businesses facing the challenge with the correct mindset?
Why Franchising Could Bring You the Future You Want
By Helen Livesey – Professional Adviser at Mr Franchise
In today’s current climate we are all facing the unknown, whether that be in our careers through facing redundancy or having our hours cut back. Within our families and relationships with restrictions placed on who we can and can’t see whilst maintaining the health of ourselves and the people around us. As well as our day to day routines being interrupted by not being able to go to the gym and look after our mental health.